KBE
SPDR S&P Bank ETF
The KBW Bank ETF, before expenses, seeks to closely match the returns and characteristics of the KBW Bank Index. The index is a float adjusted modified-market capitalization weighted index of geographically diverse companies representing national money center banks and regional banking institutions listed on U.S. stock markets.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
2.5 B
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | State Street Global Advisors |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 08, 2005 |
| Assets (mns) | $2,469 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Equal |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| APOLLO GLOBAL MANAGEMENT INC. | 1.4 % |
| WELLS FARGO & CO | 1.4 % |
| WEBSTER FINANCIAL CORP | 1.4 % |
| PINNACLE FINANCIAL PARTNERS | 1.3 % |
| EAST WEST BANCORP INC | 1.3 % |
| FIRST HORIZON NATIONAL CORP | 1.3 % |
| ZIONS BANCORPORATION | 1.3 % |
| CULLEN/FROST BANKERS INC | 1.3 % |
| M & T BANK CORP | 1.3 % |
| BOFI HOLDING INC | 1.3 % |
Constituent Breakdown
| Number of holdings | 92 |
| Herfindahl-Hirschman Index | 109 |
| Wgt avg mkt cap (mns) | $27,532 |
| Large cap (>$10bn) | 25.0% |
| Mid cap ($2-10bn) | 68.2% |
| Small cap (<$2bn) | 5.5% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 93.5 % |
 |
PUERTO RICO | 2.0 % |
 |
BERMUDA | 0.9 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 21.1% | 59.0% | 10.0% | 2.9% | 7.6% | 7.7% | 2.8% | Volatility | 23.6% | 25.2% | 28.5% | 28.3% | 35.8% | 29.3% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.92 | 31% |
| MSCI EAFE | 0.92 | 31% |
| MSCI Emg Mkts | 0.71 | 18% |
Liquidity Measures
| Avg. volume (000) | 2,049 |
| Turnover | 5.0% |
| Avg. Bid/Ask (% of price) | 0.03% |
| ADV of underlying (mns) | $10,225 |
Technical Indicators
| Recent close | $60.28 |
| 30d moving avg. | $53.59 |
| Annualized volatility | 28.9% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 9.6% |
| Short interest (underlying) | 3.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. KBE |
Expenses vs. KBE |
ALTAR Score™ vs. KBE |
|---|---|---|---|---|
| KRE | SPDR S&P Regional Banking ETF | 54.0% | 0 bp | -0.1% |
| KBWR | Invesco KBW Regional Banking ETF | 48.5% | 0 bp | -0.5% |
| FTXO | First Trust Nasdaq Bank ETF | 44.2% | +25 bp | -0.5% |
| IAT | iShares U.S. Regional Banks ETF | 36.6% | +5 bp | +0.1% |
| FXO | First Trust Financials AlphaDEX Fund | 30.2% | +27 bp | -1.0% |
| PSCF | Invesco S&P SmallCap Financials ETF | 29.2% | -6 bp | +0.1% |
| QABA | First Trust NASDAQ ABA Community Bank Index Fund | 25.7% | +25 bp | -1.0% |
| KBWB | Invesco KBW Bank ETF | 24.3% | 0 bp | -0.9% |
| SDVY | First Trust SMID Cap Rising Dividend Achievers ETF | 22.8% | +25 bp | +0.6% |
| SVAL | iShares US Small Cap Value Factor ETF | 19.2% | -15 bp | +1.5% |
Risk and Returns: KBE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/21/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
KBE
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
KBE
8.2%
Cat. Avg
5.4%
ALTAR Score™ Calculation
Category Overview
There are 973 funds in the US Equity category, with an average ALTAR Score™
of 5.4% and a standard deviation of
2.4%. KBE's ALTAR Score™ is approximately
1.2 standard deviations
above
the category average. This places KBE in the 88th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
KBESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| KBE (35 bp) Percentile rank | 37 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| KBE | 35.0 | 2.6 | 37.6 |
| Peer Avg. | 35.7 | 15.0 | 50.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .